USAAX vs. VUG

Last updated Jun 3, 2026

USAAX (USAA Growth Fund) and VUG (Vanguard Growth ETF) are both Large Cap Growth Equities funds. Over the past 10 years, USAAX returned 15.79%/yr vs 18.40%/yr for VUG. With a 0.96 correlation, they move nearly in lockstep. USAAX charges 0.84%/yr vs 0.03%/yr for VUG.

Performance

USAAX vs. VUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Growth Fund (USAAX) and Vanguard Growth ETF (VUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USAAX achieves a 6.03% return, which is significantly lower than VUG's 10.86% return. Over the past 10 years, USAAX has underperformed VUG with an annualized return of 15.79%, while VUG has yielded a comparatively higher 18.40% annualized return.

USAAX

• 1D: 0.70%
• 1M: 6.00%
• YTD: 6.03%
• 6M: 6.07%
• 1Y: 22.32%
• 3Y*: 23.43%
• 5Y*: 12.77%
• 10Y*: 15.79%

VUG

• 1D: -0.28%
• 1M: 7.37%
• YTD: 10.86%
• 6M: 10.14%
• 1Y: 30.39%
• 3Y*: 26.46%
• 5Y*: 15.71%
• 10Y*: 18.40%

*Multi-year figures are annualized to reflect compound growth (CAGR)

USAAX vs. VUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USAAX USAA Growth Fund	6.03%	16.68%	32.82%	48.39%	-32.49%	16.97%	37.07%	27.62%	-4.33%	28.44%
VUG Vanguard Growth ETF	10.86%	19.40%	32.69%	46.83%	-33.16%	27.35%	40.25%	37.03%	-3.32%	27.72%

Correlation

The correlation between USAAX and VUG is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 2, 2004	0.96

The correlation between USAAX and VUG has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

USAAX vs. VUG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USAAX

USAAX Risk / Return Rank: 20
USAAX Sharpe Ratio Rank: 26
USAAX Sortino Ratio Rank: 23
USAAX Omega Ratio Rank: 24
USAAX Calmar Ratio Rank: 14
USAAX Martin Ratio Rank: 15

VUG

VUG Risk / Return Rank: 49
VUG Sharpe Ratio Rank: 56
VUG Sortino Ratio Rank: 53
VUG Omega Ratio Rank: 54
VUG Calmar Ratio Rank: 38
VUG Martin Ratio Rank: 41

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USAAX vs. VUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Growth Fund (USAAX) and Vanguard Growth ETF (VUG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	USAAX	VUG	Difference
Sharpe ratio Return per unit of total volatility	1.49	1.93	-0.45
Sortino ratio Return per unit of downside risk	2.05	2.60	-0.55
Omega ratio Gain probability vs. loss probability	1.26	1.34	-0.07
Calmar ratio Return relative to maximum drawdown	1.35	1.90	-0.54
Martin ratio Return relative to average drawdown	4.51	6.65	-2.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USAAX vs. VUG - Sharpe Ratio Comparison

The current USAAX Sharpe Ratio is 1.49, which is comparable to the VUG Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of USAAX and VUG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USAAX	VUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.93	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.71	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	0.86	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.62	-0.11

Drawdowns

USAAX vs. VUG - Drawdown Comparison

The maximum USAAX drawdown since its inception was -66.79%, which is greater than VUG's maximum drawdown of -50.68%. Use the drawdown chart below to compare losses from any high point for USAAX and VUG.

Drawdown Indicators

	USAAX	VUG	Difference
Max Drawdown Largest peak-to-trough decline	-66.79%	-50.68%	-16.11%
Max Drawdown (1Y) Largest decline over 1 year	-16.92%	-16.53%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-29.85%	-22.85%	-7.00%
Max Drawdown (5Y) Largest decline over 5 years	-41.75%	-35.61%	-6.14%
Max Drawdown (10Y) Largest decline over 10 years	-41.75%	-35.61%	-6.14%
Current Drawdown Current decline from peak	0.00%	-0.28%	+0.28%
Average Drawdown Average peak-to-trough decline	-18.82%	-7.09%	-11.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.08%	4.71%	+0.37%

Volatility

USAAX vs. VUG - Volatility Comparison

USAA Growth Fund (USAAX) and Vanguard Growth ETF (VUG) have volatilities of 3.42% and 3.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USAAX	VUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	3.52%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	11.68%	12.05%	-0.37%
Volatility (1Y) Calculated over the trailing 1-year period	15.68%	15.80%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.99%	22.22%	+1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.10%	21.44%	+0.66%

USAAX vs. VUG - Expense Ratio Comparison

USAAX has a 0.84% expense ratio, which is higher than VUG's 0.03% expense ratio.

Dividends

USAAX vs. VUG - Dividend Comparison

USAAX's dividend yield for the trailing twelve months is around 10.02%, more than VUG's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USAAX USAA Growth Fund	10.02%	10.62%	10.47%	6.54%	6.98%	10.34%	4.33%	26.15%	13.67%	2.47%	5.27%	6.92%
VUG Vanguard Growth ETF	0.37%	0.41%	0.47%	0.58%	0.70%	0.48%	0.66%	0.95%	1.32%	1.14%	1.39%	1.30%

Frequently Asked Questions

Can I hold both USAAX and VUG in my portfolio?

With a correlation of 0.97, USAAX and VUG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, USAAX or VUG?

VUG has higher volatility (3.52%) compared to USAAX (3.42%). In terms of maximum drawdown, USAAX dropped -66.79% vs VUG's -50.68%.

Which has better risk-adjusted returns?

VUG currently has the higher Sharpe Ratio (1.93 vs 1.49), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.